Freo Money Personal Loan

How Freo Money Work?

Life is full of uncertainties. You may never know when you will need cash during an emergency. Salaried professionals are often affected during these situations as most of the middle-class professionals in India don't have any income other than their monthly salary. Instant loans are developed to provide short-term credit to working professionals to take care of their emergency situations. You may use the instant loan credit offered by Freo Money (formerly MoneyTap) for any of the following needs:

1. Marriage: Even if you have planned everything well, your expenses may go a little overboard during marriage. The short-term credit offered by instant loans may come in handy during these situations.
2. Medical emergencies: Medical emergencies often strike at the most unexpected of times. This is the time where you might be in a position of needing extra cash. Instant loans can help you get access to funds immediately without any delay.
3. Home renovation: Sometimes during your home renovation, the expenses may go beyond your estimated budget. Instant loans can be used to take care of these expenses and balance your budget.
4. Vehicle repairs: Experiencing a vehicle breakdown in the middle of the month can put a serious dent on your budget plans. You can use instant loans to manage your vehicle repair expenses.
5. Travel Loan: Sometimes, you might need some additional cash for a planned travel. Not having enough money during your travel may take the joy out of your vacation. You can use your credit from your Freo Money (formerly MoneyTap) account to manage your expenses.

The money you get from your Freo Money (formerly MoneyTap) loan is not just limited to the expenses listed here. You may use it to take care of any kind of expense during an emergency.

How to Apply for a Loan via Freo Money App?

Applying for a loan on Freo Money is not only simple, but also quick. Given below are the steps to follow to apply for a loan via the Freo Money (formerly MoneyTap) app:

1. Step 1 - Download the app:The first thing to do is to go to the Google PlayStore and install the Freo Money app, free of charge. Once you have the app installed, you will be required to provide some details about yourself. Using these details, the app will process your eligibility and let you know, whether or not, you qualify for a loan from Freo Money. If you are eligible, the app will also tell you the credit limit you may avail.
2. Step 2 - Complete your KYC:If you have qualified for a loan, the next step of the process will involve completing the loan-related KYC formalities. To do this, a Freo Money agent will visit you, on behalf of the partner bank, to take the necessary documents for processing.
3. Step 3 - Receive the funds:Once your KYC formalities are completed and your loan approved, you will get your Freo Money Card with the sanctioned amount of funds. This card not only acts as a credit card but can also be used to withdraw funds from your Freo Money account. There is no restriction on the end use of the funds that you avail. Interest shall only be levied on the funds that you use, not the entire loan amount. Repayment can be done in flexible EMIs.

Eligibility Criteria for Freo Money Loan Approval

To apply for a loan via Freo Money, customers must adhere to the following eligibility criteria:

1. This loan can be availed by not only salaried employees but also self-employed individuals such as business owners, lawyers, doctors, shop owners, etc.
2. The individual must have a minimum monthly income/salary of Rs.20,000.
3. The borrower must not be less than 23 years of age.
4. This loan facility is currently only offered in select cities such as Mumbai (Thane, Mumbai, and Navi Mumbai), Delhi NCR (Gurgaon, Faridabad, Ghaziabad, New Delhi, Noida, Delhi, Greater Noida), Chennai, Hyderabad, Pune, Secunderabad, Vizag, Ahmedabad, Gandhinagar, Chandigarh, Panchkula, Mohali, Vadodara, Indore, Jaipur, and Vijayawada.

Documents Required

The instant loans offered by Freo Moneyrequire very minimal documentation. Keeping in line with the bank's requirements, customers will be required to furnish the following documents while applying for a loan via Freo Money:

1. The borrower's company's name and email address
2. Their Aadhaar Card (not compulsory) or Aadhaar Number
3. Borrower's PAN details (compulsory)
4. The borrower's salary account net banking login details

Features & Benefits

Some of the key features and benefits of Freo Money Loans are listed as follows:

1. Quick approvals - The approval process for a Freo Money Loan is superfast. The approval process is also one-time, which means that the next time you have to apply for a Freo Money loan, the process will be even quicker than the first time.
2. Interest only on withdrawn funds - The interest is levied only on the funds that you withdraw, not on the total amount of funds sanctioned for you. The interest applicable will depend on a number of factors, and also on the bank that the company has partnered with.
3. Flexible repayment - Offers borrowers a flexible loan repayment tenure, so as to facilitate stress-free repayment. One can choose a repayment tenure ranging from 2 months to 3 years, depending on the amount of loan taken. The loan EMIs will depend on the loan tenure you choose.
4. High loan amounts - You can apply for a loan for as little as Rs.3000, and as high as Rs.5 lakh. These loans can be used for a variety of purposes, depending on your need, and the lender does not exercise any restriction on the end use of the loan amount.

To review Freo Money loan, you can compare it with a wide array of personal loans from other lenders on BankBazaar. Compare interest rates, eligibility, loan amount, and fee details. You can also use the BankBazaar personal loan EMI calculator to figure out monthly payments before you qualify for a loan.  

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